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Published August 22, 2013, 08:42 AM

Bank gives $3M to North Dakota housing fund

BISMARCK, N.D. (AP) — Minneapolis-based U.S. Bank has contributed $3 million to a North Dakota fund aimed at building affordable housing, primarily in the state's booming oil patch.

BISMARCK, N.D. (AP) — Minneapolis-based U.S. Bank has contributed $3 million to a North Dakota fund aimed at building affordable housing, primarily in the state's booming oil patch.

The North Dakota Housing Finance Agency's low-income housing development program gives individual and business donors a dollar-for-dollar tax credit, and they can designate their contributions for specific projects. The Legislature this year approved general fund spending of $20 million and $15.4 million in state income tax credits to subsidize construction of low-income dwellings.

Officials say the program's goal is to build at least 1,000 low-income units in North Dakota over the next two years.

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